In the US, oil prices are skyrocketing. The price was around $86 in October, but has fallen to around $80 now. That is a big increase from pre pandemic times in 2019, when the price per barrel was only about $64. The prices per gallon from a gas station vary based on the state, but mainly on the West Coast, gas prices are now about $4 per gallon. The White House is thinking about using the SPR to lower prices. The SPR is the government’s stash of oil, consisting of about 600 million barrels. All of these barrels are stored underground in places like Texas and Louisiana. 600 million barrels sounds like a lot, but it’s only enough to supply the country for about a month. The government will have to figure something out soon to fix this crisis.
Source:
https://www.npr.org/2021/11/
https://www.statista.com/
